Gold $1788: A Key Price For Investors

By Stewart Thomson / September 22, 2020 / www.321gold.com / Article Link

Stewart Thomson
email: stewart@gracelandupdates.com
email: stewart@gracelandjuniors.com
email:admin@guswinger.com

Sep 22, 2020

As gold rallied into the $2000 round number resistance area, I asked investors to prepare for a pullback to my key buy zone at $1788.

Please click here now.Double-click to enlarge this daily gold chart.The pullback has been quite orderly.

There is modest support at $1875 and yesterday gold declined to that area for the second time since rising to $2089 in early August.

Please click here now.Double-click to enlarge this weekly gold chart.Today’s gold bug is cool as a cucumber.

That’s good, because patience is required as gold pulls back towards the $1788 weekly chart support zone.

It’s an important buying area for gold investors and my suggestion is to focus some of the buying on both bullion and high-quality miners.

Please click here now.Eager investors bought an additional 30 tons of SPDR fund gold during yesterday’s price sale.

That’s one of the biggest single-day purchases on a price sale day... in the history of the SPDR fund!

Please click here now. Double-click to enlarge this US stock market chart.In contrast to the calm and intelligent actions of the gold bugs, stock market bugs are beginning to panic.

Some of them are already begging the Fed to provide them with more QE welfare payments to stop the decline!

Please click here now. Double-click to enlarge this horrible weekly Dow chart.Yesterday’s carnage created a MACD sell signal and a 14,5,5 series Stochastics crossover sell is already in play.

It’s not a good situation.Rather than cheering that more government spending, debt, and storytelling will “make them great”, perhaps it’s time for stock market bugs to face the reality that QE is nothing but disgusting socialist welfare for themselves and for the government.

An ominous broadening formation is in play on the Dow, and it’s been forming since the government began a trade war in 2018 instead of taking a chainsaw to its spending and debt addiction.

For all practical intents and purposes the November election is already over, and the winner is... more debt, more money printing, more scapegoating, and more smiles for the gold bugs of the world!

If investors stay focused on my weekly chart floor of support at $1788, handling the upcoming election mayhem should be a cakewalk.

SQQQ is a leveraged bear bet on the Nasdaq-oriented QQQ ETF.I issued a SQQQ buy recommendation to my https://guswinger.com subscribers right before the stock market collapsed.We booked solid profits quickly, and recently rebought it before it crashed again yesterday.

It’s been a winner for us, and I should note that the ominous broadening pattern on the Dow is now the biggest in the history of the US stock market.

It’s potentially an empire-ending pattern that portends a 1929-style wipeout.The American empire is finished anyways, but if “Daddy Fed” doesn’t step in to rescue the silly stock market bugs on the next major decline, a horrifying depression will almost certainly occur.

If the Fed does step in, the “rescue” will involve nothing but a boatload of photocopied fiat, creating an immense risk of stagflation and perhaps... hyperinflation.

That’s awesome news for mining stock investors who are eager to see, and deserve to get, the main street inflation they have patiently waited for.

Please click here now. Double-click to enlarge this GDX daily chart.While gold stocks are technically healthier than gold right now, there is still no fresh pattern of higher highs and higher lows.

The E&M (Edwards and Magee) technical analysis handbook is arguably a mining stock investor’s best friend.For GDX, the pattern of higher highs and higher lows ended in early August.

Gold bugs who pay attention to the E&M “bible” have been prepared for a consolidation or reaction since then.Handling the price action has been emotional child’s play.

Buying ETFs like GDX, GOAU, and individual miners after a healthy pullback towards gold $1788 requires patience, but the ensuing rally should be spectacular!

Thanks!

Cheers
st

Sep 22nd, 2020
Stewart Thomson
Graceland Updates
website: www.gracelandupdates.com
email for questions: stewart@gracelandupdates.com
email to request the free reports: freereports@gracelandupdates.com

Gold $1788: A Key Price For Investors

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